Prime Bank (Gambia)

Last updated
Prime Bank (Gambia) Limited
Private
Industry Financial Services
Founded2009
Headquarters42 Kairaba Avenue, Serrekunda, Gambia
Products Loans, Checking, Savings, Investments, Debit Cards
WebsiteNone

Prime Bank (Gambia) Limited, commonly known as Prime Bank (Gambia), was a private commercial bank in the Gambia. It was the 12th commercial bank to be licensed in the country. The bank was a subsidiary of the now defunct Lebanese Canadian Bank (LCB). [1]

The Gambia country in West Africa

The Gambia, officially the Republic of The Gambia, is a country in West Africa that is almost entirely surrounded by Senegal with the exception of its western coastline along the Atlantic Ocean. It is the smallest country within mainland Africa.

The Lebanese Canadian Bank, now defunct, was based in Beirut in Lebanon and maintained a network of 35 branches in Lebanon and a representative office in Montreal, Quebec, Canada. The bank was established in 1960 as Banque des Activities Economiques SAL and it operated as a subsidiary of the Royal Bank of Canada Middle East from 1968 to 1988 and then became a privately owned Lebanese bank. LCB provided a broad range of corporate, retail, and investment products, and maintained extensive correspondent accounts with banks worldwide, including several U.S. financial institutions. In 2009 LCB’s total assets were worth more than $5 billion.

Contents

History

The Lebanese Canadian Bank (LCB), the parent company of Prime Bank (Gambia), operated from 1968 through 1988 as a subsidiary of the Royal Bank of Canada Middle East. LCB was among the top ten league banks in Lebanon, known as the Alpha Group, but was shut down after the intervention of the U.S. Law enforcement and regulatory community. Prime Bank (Gambia) was LCB's first African subsidiary. LCB has been working to set up a subsidiary sn in the Democratic Republic of the Congo (DRC). [2] In January 2013, in light of US investigations, the investors in the institution decided to close down the bank by withholding new capital injection, to meet new capital requirements by the Central Bank of The Gambia (CBG). [3]

Royal Bank of Canada Financial institution in Canada

The Royal Bank of Canada is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 16 million clients and has 80,000 employees worldwide. The bank was founded in 1864 in Halifax, Nova Scotia, although its head office is located in Montreal, Quebec, and its corporate headquarters in Toronto, Ontario. RBC's institution number is 003. In November 2017, RBC was added to the Financial Stability Board's list of global systemically important banks.

Lebanon Arabic country in Western Asia

Lebanon, officially known as the Lebanese Republic, is a country in Western Asia that is part of the Arab League. It is bordered by Syria to the north and east and Israel to the south, while Cyprus is west across the Mediterranean Sea. Lebanon's location at the crossroads of the Mediterranean Basin and the Arabian hinterland facilitated its rich history and shaped a cultural identity of religious and ethnic diversity. At just 10,452 km2, it is the smallest recognized sovereign state on the mainland Asian continent.

Democratic Republic of the Congo Country in Central Africa

The Democratic Republic of the Congo, also known as DR Congo, the DRC, DROC, Congo-Kinshasa, or simply the Congo, is a country located in Central Africa. It is sometimes anachronistically referred to by its former name of Zaire, which was its official name between 1971 and 1997. It is, by area, the largest country in sub-Saharan Africa, the second-largest in all of Africa, and the 11th-largest in the world. With a population of over 78 million, the Democratic Republic of the Congo is the most populous officially Francophone country, the fourth-most-populous country in Africa, and the 16th-most-populous country in the world. Eastern DR Congo has been the scene of ongoing military conflict in Kivu, since 2015.

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References

  1. ↑ About Prime Bank (Gambia) Archived 2014-07-19 at the Wayback Machine
  2. ↑ History of Prime Bank (Gambia) Archived 2014-07-19 at the Wayback Machine
  3. ↑ "Gambia: Depositors Told to Withdraw Savings From Prime Bank". The Point (Banjul). 2013-01-22. Retrieved 2017-09-07.


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